Summit Hotel Properties, Inc. (NYSE:INN) Q1 2022 Earnings Conference Call May 4, 2022 9:00 AM ET
Company Participants
Adam Wudel - Senior Vice President of Finance, Capital Markets and Treasurer
Jon Stanner - President and Chief Executive Officer
Trey Conkling - Executive Vice President and Chief Financial Officer
Conference Call Participants
Michael Bellisario - Baird
Daniel Tricarico - KeyBanc
Bill Crow - Raymond James
Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.
Operator
00:04 Good day, and thank you for standing by. Welcome to the Summit Hotel Properties, Inc., Q1 2022 Conference Call. At this time, all participants are on a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded. [Operator Instructions]
00:37 I would now like to hand the conference over to your speaker today, Adam Wudel, Senior Vice President of Finance, Capital Markets and Treasurer. Please go ahead.
Adam Wudel
00:49 Thank you, Carmen and good morning. I am joined today by Summit Hotel Properties' President and Chief Executive Officer, Jon Stanner and Executive Vice President and Chief Financial Officer, Trey Conkling.
01:03 Please note that many of our comments today are considered forward-looking statements as defined by federal securities laws. These statements are subject to risks and uncertainties, both known and unknown as described in our SEC filings. Forward-looking statements that we make today are effective only as of today, May 4, 2022, and we undertake no duty to update them later. You can find copies of our SEC filings and earnings release, which contain reconciliations to non-GAAP financial measures referenced on this call, on our website at www.shpreit.com.
01:44 Please welcome Summit Hotel Properties' President and Chief Executive Officer, Jon Stanner.
Jon Stanner
01:50 Thanks, Adam, and thank you all for joining us today for our first quarter 2022 earnings conference call. Overall, we are extremely pleased with our portfolio's first quarter performance, as operating trends accelerated rapidly through the quarter, resulting in our highest quarterly RevPAR and best RevPAR recaptured to 2019 levels since the onset of the pandemic, despite a slow start to the year in January and early February.
02:15 RevPAR in March reached a pandemic era high of over $120, a 61% increase from our January results. We continue to benefit from meaningful pricing power throughout the portfolio, highlighted by record average daily rate in our resource segment, which finished the quarter 10.5% higher than the first quarter of 2019.